Pi Network, launched in 2019, aimed to democratize cryptocurrency mining via a mobile app, enabling users to earn Pi tokens simply by tapping a button daily. With a referral model, it attracted over 70 million users. However, after opening its mainnet to external trading in February 2025, users faced migration issues, and the token price plummeted from a high of $2.98 to $0.58 by May 2025. The project's promise of utility remains unfulfilled, as Pi is only tradable on limited platforms and is often inaccessible for users. Key concerns include a lack of transparency, central control maintained by the core team, and questionable trading volumes, leading the community to view it skeptically. Critics suggest that Pi's structure resembles a multi-level marketing scheme rather than a decentralized project. For Pi to recover, it must improve transparency, establish real utility, broaden exchange listings, and decentralize control. A failure to address these issues may see Pi Network fading into obscurity.

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